Principal California Municipal BSQCMX

Morningstar Rating

Fund Research and Analysis

by Miriam Sjoblom

Principal California Municipal isn't the most consistent game in town.

In February, this long-term California muni fund absorbed its smaller, more cautious sibling, Principal California Insured Intermediate Municipal, and those new shareholders have landed in a bolder home. Read more

Kudos

Seasoned manager. Read more

Risks

Often takes on more credit risk than its peers.

A hefty stake in tobacco-settlement bonds courts volatility. Read more

Strategy

Manager Joseph Piraro keeps a high-quality core but also ventures into the lower levels of investment-grade bonds. The fund often keeps more than its average peer in BBB and nonrated issues. Piraro usually manages duration close to the Lehman Brothers California Muni Index. Read more

Management

Joseph Piraro, who works for subadvisor Van Kampen, has steered this offering since 1992. Before joining Van Kampen, he worked for First Chicago Capital Markets and at Continental Bank as a municipal-bond trader. Read more

Inside Scoop

Experienced management and a moderate approach have kept this fund on a relatively even keel over time, but the hefty presence of midgrade bonds can amp up the fund's risk relative to peers. Read more

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